In 2022, the crypto world took a massive hit following the LUNA debacle, which was further exacerbated by the FTX incidents, dragging the market into a bearish trend. While former CEO Sam Bankman Fried remains in custody, the company was seeking ways to repay its creditors. In this context, the recently opened claims screen on the FTX exchange has caused astonishment.
Pay Attention to Bitcoin, Solana, and ETH Prices
In a critical move by the FTX exchange, a claims process was initiated to address the repayment of creditor debts. What was more critical were the values set for cryptocurrencies.
In the past months, this issue sparked a major debate when FTX sought to set prices at rock-bottom levels. This move, which received significant backlash from investors, eventually gave way to silence and the unfolding process.
Today, however, the prices seen in FTX’s claims window are infuriating for investors. Bitcoin, which is currently priced above $60,000, was listed by FTX at $16,871, while ETH was set at $1,258—despite its price having risen to $3,500—and Binance Coin (BNB) at $286. Perhaps most notably, Solana (SOL) was set at $16.
Solana‘s price is known to have plummeted to these levels after the FTX incidents, and it has since made a remarkable recovery, climbing to around $130 throughout 2023. The response to FTX’s latest move is already a subject of great speculation.
Current Bitcoin Situation
Amid these events, Bitcoin’s price is above $62,000 at the time of writing. The price, which recently reached $64,000, appears to be consolidating in this region. This phase seems to be benefiting altcoins, and more specifically, meme coins.
While Bitcoin’s market cap has not decreased and continues to be over $1.2 trillion, a 31% drop in trading volume has reduced it to $31 billion, indicating a shift in investor interest from BTC to altcoins.
It would not be incorrect to say that the outflows from BTC are moving towards meme coins as of today. Since yesterday, there have been incredible increases in the prices of PEPE, FLOKI, SHIB, and DOGE.
